Venezuela: Car sales soar in March
April 10, 2012
In March, car sales totalled 15,243 units, according to figures from the Venezuelan Automotive Chamber (CAVANEZ, Camara Automotriz de Venezuela), which represented the highest outturn since March 2009. The reading represented a healthy 48.1% expansion compared to the 10,289 units reported in March 2011 and was well above the 11,637 units sold in February. As a result of the monthly figure, car sales reached 128,072 units in the last twelve months up to March, which was up 3.9% from the level observed in the same period last year. The reading, however, remains well below the peak of 491,899 units reached in December 2007. Car sales have been falling continuously since 2007 due to severe supply shortages, as the government has imposed restrictions on assembly plants and importers. Given the limited availability of timely data on the real sector, analysts use car sales as a proxy for private consumption.